Market Trends - Stock market is near all-time high, led by tech companies [1] - No one wants to exit positions quickly, anticipating potential returns from super intelligence [1] Policy and Economic Uncertainty - Policy changes made somewhat arbitrarily and company-specific create uncertainty for businesses [2] - Such actions are perceived as picking winners versus losers, deviating from laissez-faire capitalism and deregulation [2] - Small business confidence increased in July following the passage of a "big beautiful bill" [2] - Uncertainty index also rose, reflecting unpredictable policy changes [3] - Predictability and low volatility in policy are desired, but the current environment is the opposite [3]